Tanishq
Tanishq
A Case Study
Group-III
Section C
Happy Saini 0137/48
Uday Mehta 4035/18
Ganesa Kumar KV 0128/48
Harshit Krishna 0143/48
Vinay Kumar Juluri 4040/18
Himanshu Kumar 0147/48
Rohan Gala 0127/48
Introduction:
'Tanishq' meaning love for the body, was a brand introduced by Titan, a TATA company, to capture the gold jewellery market of India. The basic idea behind the concept was to redefine the gold jewellery market. India is the biggest market for gold jewellery estimated at INR 60,000 crores annually but there was no branded player in the market. Tanishq launched studded 18 karat gold jewellery collection which was largely rejected by the Indian customers. The reasons can be summarised as:
1. The gold used in studded jewellery was 18 Karat. Indian customers were not willing to accept anything below 22 Karat which was too soft to hold gems and diamonds.
2. Tanishq showrooms were too modern and too different from the conventional jewellers which led to a 'nice but not for me' syndrome in the customers.
3. The designs were quite western and considered unsuitable for Indian weddings which constituted more than 50% of this market.
4. The traditional customers were not able to connect themselves with the brand name 'Tanishq' and other names like Zoya, Aria, Diva etc.
5. People used to buy gold jewellery not only as ornaments but also as investments. Hence, paying a premium for Tanishq's studded designer jewellery did not seem profitable to the masses.
6. Tanishq costs were higher than the conventional jewellers because of purity, while customers thought that Tanishq was overcharging them. But the reality was that local jewellers were providing under karatage jewellery.
Tanishq's response
1. Tanishq started a Karat meter campaign to prove its purity and justification of higher costs.
2. Tanishq tried to reposition its product in the market to attract both high end and low end
A Case Study
Group-III
Section C
Happy Saini 0137/48
Uday Mehta 4035/18
Ganesa Kumar KV 0128/48
Harshit Krishna 0143/48
Vinay Kumar Juluri 4040/18
Himanshu Kumar 0147/48
Rohan Gala 0127/48
Introduction:
'Tanishq' meaning love for the body, was a brand introduced by Titan, a TATA company, to capture the gold jewellery market of India. The basic idea behind the concept was to redefine the gold jewellery market. India is the biggest market for gold jewellery estimated at INR 60,000 crores annually but there was no branded player in the market. Tanishq launched studded 18 karat gold jewellery collection which was largely rejected by the Indian customers. The reasons can be summarised as:
1. The gold used in studded jewellery was 18 Karat. Indian customers were not willing to accept anything below 22 Karat which was too soft to hold gems and diamonds.
2. Tanishq showrooms were too modern and too different from the conventional jewellers which led to a 'nice but not for me' syndrome in the customers.
3. The designs were quite western and considered unsuitable for Indian weddings which constituted more than 50% of this market.
4. The traditional customers were not able to connect themselves with the brand name 'Tanishq' and other names like Zoya, Aria, Diva etc.
5. People used to buy gold jewellery not only as ornaments but also as investments. Hence, paying a premium for Tanishq's studded designer jewellery did not seem profitable to the masses.
6. Tanishq costs were higher than the conventional jewellers because of purity, while customers thought that Tanishq was overcharging them. But the reality was that local jewellers were providing under karatage jewellery.
Tanishq's response
1. Tanishq started a Karat meter campaign to prove its purity and justification of higher costs.
2. Tanishq tried to reposition its product in the market to attract both high end and low end